The Federal Constituency Representative in the National Assembly distributes relief items to constituents.

The member representing Ukanafun/Orukanam Federal Constituency

Earlier today, distributed palliative items to the vulnerable ones in his federal constituency. According to the Facebook post by Uniyme idem. "This is in my avowed resolve to ensure the well-being of my constituents". 

The items shared are 300 bags of rice, 300 bags of beans, 300 bags of garri, 300 cartons of vegetable oil, and 40 cartons of tin tomatoes. 

Others are 40 cartons of food seasoning, other food items, 200 pieces of mosquitoes nets, 200 pieces of blankets, and other materials. 

Represented at the distribution point by a former member of Akwa Ibom state House of Assembly, Hon. Saturday Akpan, I reiterated that the gesture was for the vulnerable ones in the federal constituency. 

This will also complement the Bulk Purchase programme of Governor Umo Eno, which is targeted at feeding the vulnerable ones amongst us."

Let me also restate my commitment to keep providing effective representation and care for the well-being of the constituents. Very soon, another batch will come as part of measures to mitigate food shortage in the federal constituency."

Customs officer dies at Reps investigative hearing

Customs officer dies at Reps investigative hearing 

The Deputy Comptroller, Finance Administration and Technical Service of the Nigerian Customs Service, Essien Etop Andrew, is dead.

Andrew died at the National Assembly Clinic in Abuja on Tuesday.

He was a guest of the Public Account Committee of the House of Representatives where he appeared for questioning on Tuesday in continuation of the ongoing probe of revenue-generating agencies and parastatals of government.

While addressing the committee on remittance of levies into designated government accounts, Andrew suddenly paused and said “Sir, I need to take water.”

The Chairman of the Committee, Bamidele Salam, responded, “You need to take water, sir? Yes, go ahead! Or if you need tea… Do you need tea?”

The customs boss repeated, “I may need to take water,” and then collapsed.

The House later announced his death in a statement signed later by the spokesman for the House, Akin Rotimi.

The statement read in part, “It is with deep sadness and regret that we confirm the passing of an esteemed official of the Nigeria Customs Service who was at the National Assembly for an engagement with a House Committee.

“During the engagement, which occurred around 1 pm on Tuesday, June 25, 2024, the official developed sudden health complications. Despite the immediate and diligent efforts of first responders and medical personnel at the National Assembly Clinic, he unfortunately passed away.

“Out of respect for the family, the official’s name will not be disclosed at this time.

“The House of Representatives extends its heartfelt condolences to the family, friends, and colleagues of the deceased during this difficult time. We recognise the significant contributions he made to the Nigeria Customs Service and our nation.

“The House of Representatives stands ready to support efforts to understand the circumstances surrounding the incident and is cooperating fully with all relevant authorities to ensure all necessary protocols are followed.

“The Speaker of the House, Tajudeen Abbas expressed his condolences, stating, “We are deeply saddened by the sudden loss of a dedicated public servant. Our hearts go out to his family during this difficult time.

“Further information will be provided as it becomes available. We ask for patience and respect for the privacy of the family during this period of mourning.”

©Punch

BREAKING: Shoprite To Close Abuja Mall By June 30, Blame Business Climate

By The Southern Post

It stated in a statement, “We regret to inform you that as of June 30, 2024, Retail Supermarkets Nigeria Limited will be closing its Wuse Store located in Novare Wuse Central Mall, Abuja. This decision has been made after a thorough evaluation of the store’s financial situation and the current business climate. We believe this is the best course of action for our organization’s long-term growth.” 

“Effective June 30, 2024, our company will no longer operate in Wuse, Abuja, and we will no longer require your services for the Novare Wuse Central Mall Store. Please note that all existing service contracts will also terminate for the store.” 

“If your services are specifically tied to the Novare Wuse Central Mall Store and if there is an outstanding balance between our companies, we will carefully review our accounting records over the next 60 days (about 2 months). We will then promptly contact you to confirm the amount owed and discuss a suitable payment schedule.”

Christ Embassy Church in Lagos Engulfed in Flames

By The Southern Post

Christ Embassy Church in Lagos Engulfed in Flames

The headquarters of the Christ Embassy Church in the Oregun area of Ikeja, Lagos State, was engulfed in flames on Sunday morning.

Firefighters Battling the Blaze

According to reports, the Lagos State Fire and Rescue Service officials are currently at the scene attempting to control and extinguish the fire. The cause of the fire remains unknown at this time.

Ongoing Efforts to Contain the Situation

The situation is still developing, and more details are expected to emerge as the firefighters continue their efforts to bring the fire under control. No casualties have been reported so far, but the extent of the damage to the church building is not yet clear.

This is a breaking news story, and we will provide additional updates as more information becomes available.

Banks' re capitalization and the issues at SEC

Banks' re capitalization and the issues at SEC

Rotimi Adesina

There is a palpable anxiety in the banking industry over delays by the Securities & Exchange Commission (SEC) to approve issuance of new securities by the banks. In the last three months, over 15 banks have filed applications with SEC to issue new shares by way of right issues and public offers in order to meet the new capital base announced by the CBN in March, but the capital market regulator has only managed to approve Fidelity Bank’s N127.1 billion capital raise. Fidelity is hoping to raise N97.5 billion in fresh funds from public offer and N29.6 billion from rights issue. SEC’s delay in approving new issues is creating apprehensions in the banking industry, with many speculating that the two-year deadline set by the CBN may not be met, after all. There are two major reasons for the delay. First, SEC has been flooded with loads of applications from the banks and other companies wishing to raise money; and second, the former management of the commission was a bit tardy in handling the approval processes and other responsibilities, thus leaving behind a huge backlog of applications that need to be cleared. It was only in April that President Tinubu swept off the top management of the commission and replaced it with a new team which is grappling with the challenge of long overdue proposals.  Said a retired SEC director, Mr. Okokon Akpan, ‘’The President did well in changing the former leadership. We now have a team of young and capable professionals who have been in the system and knows the workings of the commission. I am sure the backlog would be cleared soon. The previous people had a very poor attitude to the job’’.

Over N4 trillion will have to be raised by the nation’s 35 commercial, merchant and non-interest banks not later than March 2026 to meet a new benchmark set by the CBN. The broad objective is to create a strong and resilient banking system that would help propel the Nigerian economy to a trillion-dollar GDP by 2031. It is not clear to what extent these delays from SEC may affect the March 2026 target and if the CBN will shift the bar in event of massive defaults.  Already, tier one lenders like First Bank Holdings; UBA; GTCo; Zenith Bank and Access Holdings have already filed applications at SEC for approvals of their issues. Many others are in the pipeline. In addition to requests from the banks, SEC has also been swamped with transactions from other companies that require regulatory approval. Nigerian Breweries, the nation’s largest brewer, is planning to raise N600 billion from the capital market. The sale of Diageo’s 52.02% stake in Guinness Nigeria Plc to the Tolaram Group is also awaiting the attention of the regulatory authority. Tolaram will acquire Diageo’s shares at N81.6 per share, with total transaction amounting to N103.7 billion. There’s also the acquisition of a majority stake in the Uyo-based Champion Breweries Plc by little known EnjoyCorp Limited. A few other foreign firms divesting from the country are also seeking SEC’s approval for sale of their shareholdings. ‘’With all these transactions coming to the capital market, SEC will have to double up efforts to clear the backlogs of applications on time. We are also hoping that the CBN is aware of these unexpected delays’’, a chief executive of a bank told me.

To obtain SEC’s approvals for any issue, an issuer must file several documents at the Office of the Director General at SEC’s corporate headquarters in Abuja. Specific requirements vary from time to time, but the common ones include memorandum and articles of association; evidence of tax payments; advertising materials; purpose of offer and expected utilization of funds to be raised; proposed allotment of shares and prospectus of the offer which contains particulars of all the parties to the offer. Documents forwarded are reviewed, and where there are observed deficiencies, the applicants are duly informed. Where such lapses are communicated, the timeline for approval resets. But in the absence of any deficiency, approval will be communicated.  The commission may however require other documents or information, where necessary. An issuer pays exorbitant fees to SEC to secure these approvals. Each stage of application filed at SEC costs N100,000. A big issuer, for instance, may spend as high as N100 million to raise N300 billion. Such costs are expended on a wide array of items like legal fees and other professional payments; filing fees; media and publicity; printing; extra-ordinary AGMs, etc.

In March, CBN Governor, Yemi Cardoso announced an upward review of banks’ minimum share capital for banks varied according to their authorization.  International banks will have N500 billion minimum share capital; national banks, N200 billion and N50 billion for regional and merchant banks. It is likely that Cardoso did not envisage that his well-thought-out recapitalization plans would be disrupted by the actions of another regulator in the financial industry. The two institutions must therefore work together to achieve the national goal.